The local stock market started lower Monday, falling more than 1 percent amid heightened worries over a U.S.-China trade war.

U.S. President Donald Trump announced new tariffs on Chinese products. The move intensified fears of trade frictions between the two economies.

The index further plunged to a nine-month low on Tuesday though it rebounded the following day on foreign buying.

Next week, investors are likely to take a wait-and-see stance due to persistent worries over the trade war between the world‘s two largest economies and ahead of second-quarter earnings news from major firms.

“The KOSPI is forecast to move in the 2,300-2,370 range due jitters surrounding a possible trade war and ahead of earnings reports,” said Kim Byong-yeon, an analyst at NH Investment & Securities. (Yonhap)